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What (who) is wage adjustment - definition
ECONOMIC EFFECT THAT REAL INCOME RATIOS BETWEEN HIGH AND LOW INCOME COUNTRIES ARE SYSTEMATICALLY EXAGGERATED BY GDP CONVERSION AT MARKET EXCHANGE RATES
Low-wage economy; Low wage economy; High-wage economy; High wage economy; Low-wage economies
Adjustment (psychology)
BEHAVIOURAL PROCESS OF BALANCING CONFLICTING NEEDS, OR NEEDS AGAINST OBSTACLES IN THE ENVIRONMENT
Psychological adjustment; Personal adjustment
In psychology, adjustment is that condition of a person who is able to adapt to changes in their physical, occupational, and social environment. In other words, adjustment refers to the behavioural process of balancing conflicting needs, or needs challenged by obstacles in the environment.
Wage labour
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RELATIONSHIP WHERE A WORKER SELLS LABOUR TO AN EMPLOYER
Wage-labor; Wage labor; Wage-labour; Wage laborer; Paid work; Wage labourer
Wage labour (also wage labor in American English), usually referred to as paid work, paid employment, or paid labour, refers to the socioeconomic relationship between a worker and an employer in which the worker sells their labour power under a formal or informal employment contract.: "All labor contracts were/are designed legally to bind a worker in one way or another to fulfill the labor obligations the worker has undertaken.
Least-squares adjustment
MODEL FOR THE SOLUTION OF AN OVERDETERMINED SYSTEM OF EQUATIONS
Adjustment computations; Adjustment of observations; Geodetic adjustment; Least squares adjustment; Adjustment Computations; Gauss–Helmert model; Gauss-Helmert model
Least-squares adjustment is a model for the solution of an overdetermined system of equations based on the principle of least squares of observation residuals. It is used extensively in the disciplines of surveying, geodesy, and photogrammetry—the field of geomatics, collectively.
Wikipedia
Penn effect
The Penn effect is the economic finding that real income ratios between high and low income countries are systematically exaggerated by gross domestic product (GDP) conversion at market exchange rates. It is associated with what became the Penn World Table, and it has been a consistent econometric result since at least the 1950s.
The "Balassa–Samuelson effect" is a model cited as the principal cause of the Penn effect by neo-classical economics, as well as being a synonym of “Penn effect”.
